The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that the operational capacity of the Dangote Refinery has shielded Nigerians from a severe increase in petrol prices that could have pushed the cost of fuel to between N5,000 and N6,000 per litre.
IPMAN’s National Publicity Secretary, Chinedu Ukadike, made the assertion during an interview with DAILY POST while commenting on the recent reduction in petrol prices across the country following another cut in the gantry price of Premium Motor Spirit (PMS) by Dangote Refinery.
According to Ukadike, the refinery has become a critical buffer for Nigeria’s domestic fuel supply, significantly reducing the country’s dependence on imported petroleum products and insulating consumers from the impact of global market disruptions.
He noted that the ongoing tensions in the Middle East, particularly involving Iran, Israel, and the United States, have continued to put pressure on global energy markets. However, he said Nigeria has been able to avoid the worst effects because of local refining activities.
“Nigeria is benefiting from this crisis through higher crude oil revenue. I also want to thank Dangote Refinery for continuing to provide this petroleum product to Nigeria’s domestic market,” Ukadike said.
He added: “Nigeria is no longer dependent on petrol product imports. I want to tell you today that the petroleum product would have been around N6,000 or N5,000 per litre without Dangote Refinery.”
The IPMAN spokesperson stressed that before the commencement of operations at the refinery, Nigeria relied heavily on imported fuel, exposing the country to fluctuations in international crude oil prices, foreign exchange challenges, and supply chain disruptions.
Industry stakeholders have repeatedly argued that increased local refining capacity remains one of the most effective ways to stabilize fuel prices and improve energy security in Nigeria.
Meanwhile, the latest reduction in petrol prices has brought some relief to motorists and consumers. Checks across Abuja showed that the retail pump price of petrol dropped to between N1,317 and N1,360 per litre, down from the previous range of N1,360 to N1,370 per litre.
The price adjustment followed a fresh reduction in Dangote Refinery’s ex-depot price, a move that has triggered corresponding cuts by some fuel marketers across the country.
The development comes as Nigeria continues efforts to strengthen domestic refining capacity and reduce its long-standing dependence on imported petroleum products.
